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The role of social media in driving growth for SMBs in Australia

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Social media is a vital tool for SMBs with 89% using social media to build awareness and 72% seeing social media as essential for the future of the business. Revenue growth is directly related to increased marketing spend on social media. 58% of businesses experiencing hyper-growth directly attribute this to increased spend on social media advertising. LinkedIn offers opportunities for financial providers to inform and influence businesses through content on the LinkedIn platform.


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The role of social media in driving growth for SMBs in Australia

  1. 1. #inFC14#inFC14 The role of social media in driving growth for SMBs in Australia
  2. 2. #inFC14#inFC14 DEFINING businesses Small/Medium $8M to $44.9M AUD Upper Medium Over $45M AUD The role of social media in driving growth for SMBs in Australia 2 SMBs surveyed across Australia 240
  3. 3. #inFC14#inFC14 Key Findings 3 SOCIAL MEDIA IS A VITAL TOOL FOR SMB’S  89% use social media to build awareness  72% see social media as essential for the future of the business REVENUE GROWTH IS DIRECTLY RELATED TO INCREASED MARKETING SPEND ON SOCIAL MEDIA  58% of businesses experiencing hyper-growth directly attribute this to increased spend on social media advertising  Businesses experiencing hyper-growth are more likely to specifically use social media to drive sales or growth LINKEDIN OFFERS OPPORTUNITIES FOR FINANCIAL PROVIDERS TO INFORM AND INFLUENCE BUSINESSES  78% of businesses use social media for financial purposes  55% of businesses are open to receiving financial information from LinkedIn  66% of LinkedIn users have been driven to action by content on the network
  4. 4. #inFC14 SMBs are a highly attractive audience, and social media offers a unique opportunity to engage with them
  5. 5. #inFC14#inFC14 SMBs in Australia are currently experiencing widespread growth… 5 Have experienced an increase in total revenue over the past year Have experienced an increase in customer/client numbers over the past year Have experienced an increase in overall profitability over the past year 70% 69%58% Base: 240 businesses
  6. 6. #inFC14#inFC14 81% Of businesses currently use social media 6%Plan to use social media in the future Social media is used by the vast majority of businesses in Australia… 6 Base: 223 businesses
  7. 7. #inFC14#inFC14 7 Social media is largely used for marketing and generating awareness. Top 5 uses of social media Deliver content and new information about my company 01 51% 03 Generate word-of- mouth about my company 48% 04 Maintain a company presence and identity 45% 05 Promotional purposes and to provide deals 44% 02 Advertise to help increase awareness 49% 7 build awareness 89% Increase sales 84% drive business growth 82%
  8. 8. #inFC14#inFC14 As such, many SMBs see social media as a vital tool for generating growth. % agreeing that… 8 Base: 167 small/medium/large businesses experiencing revenue growth 67% Using social media helps/will help me to stay ahead of the game 72% I see social media as essential for the future of my company 73% Social media is important for marketing my company 73% Having my company presence on social media is important
  9. 9. #inFC14#inFC14 The #1challenge facing businesses in today’s market is attracting new customers 9 65%say social media is a vital resource for getting new customers #inFC14
  10. 10. #inFC14#inFC14 88% Advertise to help increase awareness of my company, products and services 83% Maintain a company presence and identity 79% Deliver content and new information about my company SMB’s see social media offering an effective channel for Marketing and Driving Business. % reporting that social media is effective for… 10 BRANDING ADVERTISING CONTENT DELIVERY 77% Generating new business leads LEAD GENERATION Base: 214 social media users who access for specific business purposes
  11. 11. #inFC14#inFC14 75% Find vendors/ companies that can help my company 73% 65% Learn from experts in my industry …. Along with impacting operational efficiencies and sourcing % reporting that social media is effective for… 11 Find and source new employees 71% Customer service/ support FIND VENDORS INDUSTRY INSIGHTS RECRUIT CUSTOMER SERVICE Base: 214 social media users who access for specific business purposes
  12. 12. #inFC14#inFC14 GROWTH Increase in overall revenue compared to last year 57% 30% 13% NON-GROWTH Decrease/No change in overall revenue YoY HYPER GROWTH Significant increase in overall revenue YoY This in turn provides businesses with the opportunities needed to grow… 12 Base: 240 small/medium/large businesses
  13. 13. #inFC14#inFC14 Over half of business experiencing hyper-growth directly attribute revenue to social media spend. % reporting that social media spend contributed to revenue growth 13 Hyper Growth 58% Growth 39% Base: 167 small/medium/large businesses experiencing revenue growth
  14. 14. #inFC14#inFC14 Businesses in hyper-growth are more likely to use social media specifically to drive sales and/or grow their operations Reported motivations for using social media 14 Base: 167 small/medium/large businesses experiencing revenue growth 91% 86% 79% 90% 97% 100% BUILD AWARENESS INCREASE SALES DRIVE GROWTH Businesses experiencing revenue growth Businesses experiencing revenue hyper-growth
  15. 15. #inFC14 Social media (and LinkedIn in particular) is highly influential when choosing a financial services provider 15
  16. 16. #inFC14#inFC14 Over 3 in 4 use social media for financial purposes… Top 5 uses of social media for financial purposes Keep up-to-date on financial trends 01 43% 02 Gather preliminary financial information 40% 03 Seek advice on a financial decision 32% 04 Recommend a financial product to others 26% 05 Evaluate or re-think a previous financial decision 21% Base: 223 social media users have used social media for finance-related reasons78% 16
  17. 17. #inFC14#inFC14 …with more than half of respondents suggesting they are open to receiving financial information from LinkedIn Openness to receiving financial content and information on social media sites 17 of hyper-growth businesses are receptive to receiving financial content on LinkedIn 68% 55% 41% 35% 21% 18%46% Base: 240 small/medium/large businesses
  18. 18. #inFC14#inFC14 CREDIBILITY 61% agree that LinkedIn allows them to build credibility. CONNECTION 66% agree that LinkedIn lets them connect with vendors or potential partners. CONTEXT 64% agree that LinkedIn provides a relevant context to promote and advertise their company. COMMUNITY 69% agree that LinkedIn provides access to a broader community of other companies to seek opinions. LinkedIn is seen to provide businesses with the 4Cs… 18 Base: 143 LinkedIn users
  19. 19. #inFC14#inFC14 ...providing a valuable resource across different activities in the SMB value chain 19 Open Innovation Marketing & Sales Sourcing Customer Service
  20. 20. #inFC14#inFC14 This allows LinkedIn to drive action through the content provided to businesses... 20 Learned of a new financial company Shared information about financial trends, products or companies Contacted a financial representative / asked for additional information Discussed a financial product with a friend or colleague Learned of a new financial product/policy Conducted additional research on a financial product 29% 27% 24% 22% 19% 17% Base: 143 LinkedIn users
  21. 21. #inFC14#inFC14 …to a greater extent than other social media providers. 21 % who actioned a response after receiving information on each network 50%59%66% of hyper-growth businesses actioned a response based on LinkedIn content 71% Base: 143 LinkedIn users; 177 Facebook users; 124 Twitter users
  22. 22. #inFC14#inFC14 Ensuring that LinkedIn users discover and consider information is vital to driving action… Path to Purchase 22 DISCOVERY Gather info / stay up- to-date CONSIDERATION Seek advice/info to make a purchase DRIVEN TO PURCHASE ON LINKEDIN (any action) 82% Base: 143 LinkedIn users
  23. 23. #inFC14#inFC14 …and also to drive purchases. Path to Purchase 23 DISCOVERY Gather info / stay up- to-date CONSIDERATION Seek advice/info to make a purchase DRIVEN TO PURCHASE ON LINKEDIN (Insurance policy and/or investment product) 36% Base: 143 LinkedIn users
  24. 24. #inFC14 SMBs are a highly attractive audience, and social media offers a unique opportunity to engage with them 24
  25. 25. #inFC14#inFC14 There are opportunities to drive exploration of content by providing information aligned to their businesses needs… Top 5 types of financial content expected on social media 25 Base: 240 small/medium/large businesses 26% 26% 25% 21% 21% 52% 48% 46% 46% 44% 22% 26% 29% 33% 35% New product information Industry news / strategy information Market and economic commentary Networking opportunities Company background Info actually received Info expected to be received Remainder info
  26. 26. #inFC14 Build your followers Encourage referrals and recommendations Provide real-time assistance Build community Publish thought leadership LIKE ▪ SHARE ▪ COMMENTFOLLOW INMAIL SPONSOR UPDATE 26 GROUPS …which allows us to build relationships with SMBs through various touch points on LinkedIn.
  27. 27. #inFC14 v Best practices for marketers 27 Enable learning throughout each phase of the purchase path Fulfill unmet content needs Target hyper-growth companies Provide resources for the entire SMB value chain Build your credibility by facilitating open dialogue with these businesses

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